Coalition of Small Business Innovators Launches to Encourage a Tax Code that Creates Jobs and Promotes Long-Term Economic Growth
WASHINGTON--(BUSINESS WIRE)--May 21, 2013--The Coalition of Small Business Innovators (CSBI) launches today with 15 organizations representing thousands of pre-revenue small businesses that employ millions of Americans in all 50 states. The Coalition aims to promote small business advancement as fundamental to the long-term growth of the U.S. economy and spur changes to the U.S. tax code to encourage and support early-stage research.
“Innovation helps maintain America’s global competitiveness, sustains and creates American jobs, and encourages investments in the United States,” said Stephen J. Ubl, president and CEO of the Advanced Medical Technology Association (AdvaMed), a Coalition member. “Pre-revenue small businesses are a leading force for innovation in America – and innovation is key for our economic health and prosperity. The corporate tax system should be reformed to promote innovation through R&D and advanced manufacturing incentives.” “Small business innovators are working every day to develop next generation technologies to solve the greatest challenges facing our society – whether it’s finding a cure for Alzheimer’s disease, developing new life-saving medical devices, or creating renewable energy and water technologies,” said Zack Lynch, Executive Director and Founder of the Neurotechnology Industry Organization.
The Coalition will advocate for Congressional efforts to reform the tax code, lower the corporate tax rate, and make the U.S. tax system more competitive given our global challenges. Specifically, the Coalition supports: Stimulating private capital for research by relaxing the passive activity loss rules in Section 469 for small research-intensive companies; Removing financing restrictions in Section 382 to allow small research-intensive companies to retain their net operating losses generated by R&D expenditures; and Improving capital gains treatment for small companies by changing the gross assets test in order for these companies to qualify for Section 1202. The Coalition will host events, serve as a clearinghouse of information on the importance of small businesses to the U.S. economy, and work with the Congress to help support pre-revenue research-intensive businesses through incentives that spur private investment.
The Coalition of Small Business Innovators (CSBI) is a national coalition of organizations dedicated to ensuring that small companies who employ millions of Americans in a broad array of innovative U.S. industries are able to raise capital in order to advance research, development, and manufacturing. Coalition members include: Algae Biomass Organization (ABO), Association of Clinical Research Organizations (ACRO), Advanced Medical Technology Association (AdvaMed), Biotechnology Industry Organization (BIO), Center for Innovative Technology (CIT), Commercial Spaceflight Federation (CSF), CONNECT, Electricity Storage Association (ESA), Fuel Cell & Hydrogen Energy Association (FCHEA), Medical Device Manufacturers Association (MDMA), NanoBusiness Commercialization Association (NanoBCA), National Council for Advanced Manufacturing (NACFAM), Neurotechnology Industry Organization (NIO), TechAmerica, and the Water Innovations Alliance (WIA). More information about the coalition can be found at www.smallbusinessinnovators.org.